MIRA Calls Upon Taxpayers That Do Not Meet Registration Requirements to Deregister
The MIRA has issued announcements requesting taxpayers who do not fulfil tax registration requirements under the Tax Administration Act, or GST registration requirements to deregister from tax.
The announcement, issued on 16 January 2019, reminds…
Cash Declaration Limit Changed
The Maldives Monetary Authority, on 17 January 2019, published the first amendment to the Regulation on Cross Border Currency Declaration Amount.
The changes introduced now require passengers travelling with USD 20,000 or more, and are travelling…
Tourism Permit Not Required Prior to Signing Management Agreements
The Ministry of Tourism, on 3 August 2017, published the 3rd Amendment to Regulation Number 2010/R-14 (Grant of Rights – land and islands leased for tourism purposes) which allows for the signing of a management agreement prior to receiving the relevant…
Fines Under SER Postponed
The 2nd Amendment to the Salary Enforcement Regulation, published on 13 July 2017, changes the fine enforcement date to 1 January 2018.
The Amendment amends, Section 7(e) to change the fine enforcement date from 1 July 2017 to 1 January 2018. It also…
MED Publishes Guideline on Directors Report
The Ministry of Economic Development on 5 June 2017 published a guideline that sets out the requisite information to be included in the Directors Report of Private Companies incorporated under the Companies Act of the Maldives.
Prior to this guideline,…
Seminar on Withholding Tax for Tourism Sector Professionals
CTL Strategies LLP is conducting a seminar on contemporary Withholding Tax issues faced by businesses operating in the tourism sector. The seminar is currently scheduled to be held on the 12 August 2017 and will be held in Male’.
The seminar, which…
Changes in Rules of End of Accounting Period for Companies in Dissolution
The Maldives Inland Revenue Authority has published Ruling B61 on 29 May 2017 which amends Section 11 of the Business Profit Tax Regulation.
The amended Section 11(b)(1) of the BPT Regulation stipulates that the date on which a person or persons, appointed…
Construction Act Ratified
On 23 April 2017, the Construction Act was published in the Maldives gazette, which sets out the standards and parameters to be followed by all actors in the industry.
The Act gives the Minister – responsible for enforcement of construction sector…
Changes Made to Grant of Rights Regulation
The Ministry of Tourism, on 26 April 2017, published the 2nd Amendment to Regulation Number 2010/R-14 (Grant of Rights – land and islands leased for tourism purposes) which amends Section 29 of the regulation. The section concerns debt clearance of…
Civil Court has Jurisdiction to Enforce Arbitral Award
The Maldives High Court, on 20 April 2017, quashed the Civil Court’s decision that the Civil Court can only proceed with enforcement of the arbitral award after the High Court makes a decision regarding the award.
The initial case, which was filed…
BPT Return Exemption for Individuals and Deemed Partnerships
The Maldives Inland Revenue Authority has amended the Business Profit Tax Regulation exempting registered individuals and deemed partnerships who fulfill certain conditions from submitting a BPT return.
Pursuant to Tax Ruling B-58, an individual or…
Micro Businesses Not Required to Submit Auditor’s Report
The Maldives Inland Revenue Authority has brought an amendment to the Business Profit Tax Regulation exempting micro businesses from submitting an auditor’s report with their BPT Return.
Pursuant to Tax Ruling B-57, a micro business, which is categorically…